OTHER INCOME (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other income consisted of the following (amounts in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Income on indirect taxes (1)	$	9,593	$	—	$	32,043	$	—
Loss on sale of Australian wheel business (2)	—		—		(10,890)		—
Proceeds from government grant (3)	—		—		1,324		—
Gain on legal settlement (4)	—		—		—		1,750
Equity investment income	—		273		570		397
Gain on sale of assets	74		132		256		297
Other income (expense)	24		243		1,223		(932)
	$	9,691	$	648	$	24,526	$	1,512

(1) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 14 for additional information.

(2) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information.

(3) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the nine months ended September 30, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets.

(4) The gain on legal settlement relates to proceeds received from a steel supplier for the nine months ended September 30, 2021.